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Question and Answer Guide
United Commercial Bank, San Francisco, CA
     In Chinese - Traditional  (PDF File PDF Help)
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FDIC Call Center
Toll free number 1-800-238-8209
Hours of Operation – Pacific Time
Friday, November 6, 2009:   Until 9:00 p.m.
Saturday, November 7, 2009:   9:00 a.m. – 6:00 p.m.
Sunday, November 8, 2009:   Noon – 6:00 p.m.
Thereafter:   8:00 a.m. – 8:00 p.m.


On Friday, November 6, 2009, United Commercial Bank, San Francisco, CA, was closed by the California Department of Financial Institutions. The Federal Deposit Insurance Corporation (FDIC) was then named Receiver. Subsequent to the closure, East West Bank, Pasadena, CA acquired all the deposits, excluding the Cede & Co. brokered deposits, and substantially all of the assets of United Commercial Bank, including the deposits of the Hong Kong Branch from the FDIC as Receiver for United Commercial Bank. The Shanghai, China, subsidiary of United Commercial (UCB-China), was also part of today’s transaction. The agreement between the FDIC and East West Bank will not affect the normal business operation of UCB-China. East West Bank will extend support to UCB-China where necessary.

Any claims by equity holders were not acquired. Share price does not trigger a bank closing and was not the reason for United Commercial Bank's failure.

Due to the international time zones difference, the United Commercial Bank’s branch in Hong Kong was closed on Saturday, November 7, 2009. Deposits in the Hong Kong branch are not insured by the FDIC, but are fully insured by the Hong Kong Deposit Protection Board for $100,000 HKD and the Hong Kong Special Administrative Region Government's Exchange Fund for deposits above $100,000 HKD (until the end of 2010). Please visit the Hong Kong Deposit Protection Board's web site (http://www.dps.org.hk/en_layout_b.html) for the types of deposit protected and frequently asked questions on deposit protection.

The total balance in your account(s) has been transferred to East West Bank and will be available for transactions during regular business hours at the former United Commercial Bank branches.

You may continue to use your same checks, ATM cards and debit cards until notified.

All Direct Deposits, including Social Security checks, will continue as usual.

Account(s): What about my account with United Commercial Bank?

If you had an account with United Commercial Bank, you now have an account with East West Bank, Pasadena, CA. All deposit accounts, which include checking, savings, money market, CDs and retirement accounts, have been transferred to East West Bank, regardless of the dollar amount. No one lost any money on deposit in United Commercial Bank.

Customers of both banks should continue to use their existing branches until East West Bank can fully integrate the deposit records of United Commercial Bank.

To forewarn you of any scams, please be advised that you will not receive any notification from the FDIC, the Receiver, or East West Bank to provide any private information. Please be watchful for and resist any such scams to obtain information from you by individuals or entities purporting to act on behalf of United Commercial Bank, East West Bank or the FDIC.

ATM/debit card and/or Billpay: What about my ATM/debit card and/or bill paying with United Commercial Bank?

Your ATM/debit card will continue to work, and bill paying will work as it has in the past.

Brokered Deposits: I am a deposit broker or have brokered deposits. What do I do?

As an All-Deposit Transfer transaction, the total of all deposit accounts, excluding the Cede & Co. brokered deposits, have been assumed by East West Bank. The FDIC retained the Cede & Co. brokered deposits and will pay those accounts off directly.

Be advised, however, that from and after the date of closing, East West Bank will accrue and pay interest on deposit liabilities at a rate it shall determine; accordingly, East West Bank shall permit all depositors, including brokered depositors, to withdraw their deposits without penalty for early withdrawal.

If you are a customer who has a United Commercial Bank deposit through a broker, you must contact your broker with any questions.

Direct Deposits - Government Deposits: What will happen to my direct deposits?

Direct Deposits, including Social Security checks, will continue as normal.

Existing Deposits at East West Bank: I already have other deposit accounts with the new bank.  When combined with balances at this bank, my deposits exceed $250,000.  Are all funds insured?

The accounts transferred to East West Bank will be separately insured for at least six months after the merger. This grace period gives a depositor the opportunity to restructure the accounts, if necessary. CDs from the failed bank are separately insured until the earliest maturity date after the end of the six-month grace period. CDs that mature during the six-month period and are renewed for the same term and in the same dollar amount (either with or without accrued interest) continue to be separately insured until the first maturity date after the six-month period. If a CD matures during the six-month grace period and is renewed on any other basis, it would be separately insured only until the end of the six-month grace period.

Deposits in the Hong Kong branch are not insured by the FDIC, but are fully insured by the Hong Kong Deposit Protection Board for $100,000 HKD and the Hong Kong Special Administrative Region Government's Exchange Fund for deposits above $100,000 HKD (until the end of 2010). Please visit the Hong Kong Deposit Protection Board's web site (http://www.dps.org.hk/en_layout_b.html) for the types of deposit protected and frequently asked questions on deposit protection.

Interest Rates, Early Withdrawal Penalty: Will I continue to earn interest at the same rate?  Will I be charged an early withdrawal penalty?

Interest on all deposits accrued through Friday, November 6, 2009, will be paid at your same rate. East West Bank will continue to honor your interest rates.

You may withdraw funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with your new bank. Entering into a new deposit agreement can be done by either renewing your CD or making a deposit to or a withdrawal from your account.

Loans/mortgages: What about my loan or mortgage with United Commercial Bank?

All mortgages and loans have been assumed by East West Bank. Your payment amount and due date are the same. If you are having your payment deducted from your account, it will continue as it has in the past. You should continue to make your checks payable to United Commercial Bank and send your payments to the same address.

Loans in Process: What happens if I had a loan in process that had not closed or a line of credit not fully funded?

You should contact your loan officer.  All prior contacts remain the same.

Media: I represent a TV/Newspaper/Radio and would like some information.

Please contact the Office of Public Affairs:

David Barr
1-202-898-6992
dbarr@fdic.gov

Outstanding Checks: What about checks that I have written on my account with United Commercial Bank?

Your checks will clear up to the available balance in your account.  You can continue to use your existing checks.

Safe Deposit Boxes: How can I claim the contents of my safe deposit box?

It is business as usual. The contents of your safe deposit box are secure. You will continue to have full access to your safe deposit box at your local branch during regular business hours. There is no need for customers to close their safe deposit boxes. You will be notified of any changes by East West Bank.

Shareholders: What about my shares of stock?

All shares of United Commercial Bank were owned by its holding company, UCBH Holdings, Inc., San Francisco, CA. The holding company was not included in the closing of the bank or the resulting receivership. If you are a shareholder of UCBH Holdings, Inc., please do not contact or file a claim with the Receiver. You may contact UCBH Holdings, Inc. directly for information as follows:

UCBH Holdings, Inc.
555 Montgomery Street
San Francisco, CA 94111
1-888-498-3899

Transaction Types: Why do all deposits, insured or not, pass in some transactions but not in others?

The FDIC is required by law to employ the least-cost resolution measure for each failed financial institution. The most frequent result had been for the FDIC to transfer only the insured deposits in a Purchase and Assumption transaction; however, the temporary increase in the deposit insurance limit has assisted in the transfer of all deposits more often in the past year.

Unpaid Bills: I did some work for the bank and have not been paid. What should I do?

All invoices or requests for payment against United Commercial Bank should be submitted to the same contact person at the same address that you usually submit to at United Commercial Bank. FDIC staff will work with the East West Bank and United Commercial Bank staff to determine the appropriate treatment.




Last Updated 08/22/2012 cservicefdicdal@fdic.gov